Pensions and Postretirement Benefits Other than Pensions

6 Months Ended

Jun. 30, 2016

Compensation and Retirement Disclosure [Abstract]

Pensions and Postretirement Benefits Other than Pensions

6. Pensions and Postretirement Benefits Other than Pensions

The following tables disclose the amount of net periodic benefit costs for the three- and six-months ended June 30, 2016 and 2015 for the Company’s defined benefit plans and other postretirement benefits:

	Pension Benefits - Domestic
	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Components of net periodic benefit cost:
Service cost	$	2,403		$	2,759		$	4,806		$	5,518
Interest cost		10,617			10,051			21,233			20,101
Expected return on plan assets		(13,391	)		(13,665	)		(26,783	)		(27,330	)
Amortization of actuarial loss		9,576			9,878			19,152			19,757
Net periodic benefit cost	$	9,205		$	9,023		$	18,408		$	18,046
	Pension Benefits - International
	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Components of net periodic benefit cost:
Service cost	$	2		$	2		$	4		$	5
Interest cost		3,737			3,972			7,461			7,902
Expected return on plan assets		(3,002	)		(3,112	)		(5,992	)		(6,191	)
Amortization of actuarial loss		1,361			1,809			2,717			3,600
Net periodic benefit cost	$	2,098		$	2,671		$	4,190		$	5,316
	Other Postretirement Benefits
	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Components of net periodic benefit cost:
Service cost	$	537		$	628		$	1,074		$	1,256
Interest cost		2,705			2,580			5,410			5,160
Amortization of prior service cost		(142	)		(142	)		(283	)		(283	)
Net periodic benefit cost	$	3,100		$	3,066		$	6,201		$	6,133

Domestic Pension Plans Lump Sum Offering

In order to reduce the size and potential future volatility of the Company’s domestic defined benefit pension plans obligation, the Company has offered approximately 1,200 former employees who have deferred vested pension plan benefits a one-time option to receive a lump sum distribution of their benefits by the end of 2016. The vested benefit obligation associated with these former employees is approximately $42,000, equivalent to about 4 percent of the Company’s benefit obligation for the domestic plans.

Eligible participants had until July 31, 2016 to make their election. Based upon the percentage of eligible participants that chose the lump sum option, the Company will recognize a one-time, non-cash settlement charge in the third quarter estimated to be between $14 million and $18 million. The lump sum payments will be funded from existing pension plan assets and will occur by the end of the third quarter of 2016.